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In a<a href="https://www.justice.gov/usao-sdny/pr/operators-and-attorney-global-multimillion-dollar-cryptocurrency-ponzi-scheme-airbit"> recent development</a>, a court sentencing has been handed down to three individuals implicated in orchestrating a Ponzi scheme. The scheme revolves around deceiving individuals into investing in a purported cryptocurrency mining and trading enterprise known as AirBit Club. 
<h2 id="b-details-of-the-ponzi-scheme-b">Details of the Ponzi Scheme</h2> 
The Ponzi scheme operated under the guise of AirBit Club, claiming to engage in cryptocurrency mining and trading activities. However, investigations revealed that the enterprise was a front for fraudulent practices designed to lure unsuspecting individuals into investing their funds. 
About five Unsuspecting individuals got entangled with the benefits of the AirBit Club and invested their funds, unknowing to them, there was nothing like Bitcoin (BTC) mining or trading. Instead, the three scammers spent investors’ money on cars, luxury homes, jewelry, and more lavished expos to get more victims. 
<h2 id="b-law-enforcement-agents-hold-trio-accountable-b">Law Enforcement Agents Hold Trio Accountable</h2> 
Notably, these three individuals, whose roles were pivotal in executing the Ponzi scheme, now face legal consequences for their involvement in misleading investors. The U.S. The Attorney’s Office for the Southern District of New York said the first individual, Attorney Scott Huges who was alleged to have laundered about $18 million in AirBit Club fraud proceeds, was sentenced to 18 months in prison.&nbsp; 
Also, Cecilia Millan, who happens to be the senior-level promoter at the company, was sentenced to five years in prison while Karina Chairez, another senior-level promoter was sentenced to 366 days in prison. However, the judge’s decision to impose sentences underscores the severity of the charges and the impact of such schemes on investors. 
Recall that last month, Pablo Renato Rodriguez, co-founder of AirBit Club, together with Gutemberg Dos Santos was sentenced to 12 years in prison. The district judge ordered the defendants in the case to forfeit their fraudulent proceeds from the AirBit Club, which include restrained or withheld assets in U.S. currency, BTC, and real estate. 
<h2 id="b-defi-and-cross-chain-bridge-attacks-dominate-2022-b">DeFi and Cross-Chain Bridge Attacks Dominate 2022</h2> 
Despite the bear market last year, the perpetrators of illicit activities increased the rate of their operations to cheat crypto investors out of their hard-earned funds. Most time, these attackers focus on Decentralized finance (DeFi) exploits or cross-chain bridge attacks like the <a href="https://thecoinrise.com/ronin-attackers-reportedly-move-625m-to-bitcoin-network-after-sanctions-on-tornado/">Axie Infinity Ronin bridge attack</a> which led to the loss of more than $600 million. 
Harmony layer-1 blockchain’s Horizon Bridge attack, which<a href="https://thecoinrise.com/attack-on-harmony-loss-of-around-100m-in-altcoins/"> resulted in a loss of around $100 million in altcoins, is also</a> another cross-chain bridge attack that happened in 2022. 
The post <a rel="nofollow" href="https://thecoinrise.com/judge-sentence-three-over-crypto-mining-ponzi-scheme/">Judge Sentence Three Over Crypto Mining Ponzi Scheme</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Judge Sentence Three Over Crypto Mining Ponzi Scheme

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